CVRT vs. VPL

Last updated Jun 14, 2026

CVRT (Calamos Convertible Equity Alternative ETF) and VPL (Vanguard FTSE Pacific ETF) are both exchange-traded funds - CVRT is a Convertible Bonds fund actively managed by Calamos, while VPL is a Asia Pacific Equities fund tracking the FTSE Developed Asia Pacific Index. CVRT is actively managed, while VPL is passively managed. Over the past year, CVRT returned 70.87% vs 48.70% for VPL. A 0.60 correlation means they provide meaningful diversification when combined. CVRT charges 0.69%/yr vs 0.08%/yr for VPL.

Performance

CVRT vs. VPL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Convertible Equity Alternative ETF (CVRT) and Vanguard FTSE Pacific ETF (VPL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVRT achieves a 35.47% return, which is significantly higher than VPL's 26.86% return.

CVRT

• 1D: 1.03%
• 1M: -0.63%
• YTD: 35.47%
• 6M: 35.23%
• 1Y: 70.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VPL

• 1D: 0.34%
• 1M: 0.62%
• YTD: 26.86%
• 6M: 28.52%
• 1Y: 48.70%
• 3Y*: 20.80%
• 5Y*: 9.81%
• 10Y*: 10.83%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CVRT vs. VPL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CVRT Calamos Convertible Equity Alternative ETF	35.47%	29.37%	13.23%	11.44%
VPL Vanguard FTSE Pacific ETF	26.86%	32.66%	1.68%	12.65%

Correlation

The correlation between CVRT and VPL is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (All Time) Calculated using the full available price history since Oct 4, 2023	0.60

The correlation between CVRT and VPL has been stable across timeframes, ranging from 0.60 to 0.61 - a consistent structural relationship.

Return for Risk

CVRT vs. VPL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CVRT

CVRT Risk / Return Rank: 93
CVRT Sharpe Ratio Rank: 94
CVRT Sortino Ratio Rank: 90
CVRT Omega Ratio Rank: 91
CVRT Calmar Ratio Rank: 96
CVRT Martin Ratio Rank: 96

VPL

VPL Risk / Return Rank: 79
VPL Sharpe Ratio Rank: 81
VPL Sortino Ratio Rank: 76
VPL Omega Ratio Rank: 80
VPL Calmar Ratio Rank: 79
VPL Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CVRT vs. VPL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Convertible Equity Alternative ETF (CVRT) and Vanguard FTSE Pacific ETF (VPL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CVRT	VPL	Difference
Sharpe ratio: Return per unit of total volatility	3.10	2.23	+0.87
Sortino ratio: Return per unit of downside risk	3.73	2.91	+0.82
Omega ratio: Gain probability vs. loss probability	1.52	1.41	+0.11
Calmar ratio: Return relative to maximum drawdown	8.08	3.56	+4.52
Martin ratio: Return relative to average drawdown	28.81	13.60	+15.21

CVRT vs. VPL - Sharpe Ratio Comparison

The current CVRT Sharpe Ratio is 3.10, which is higher than the VPL Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of CVRT and VPL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CVRT vs. VPL - Drawdown Comparison

The maximum CVRT drawdown since its inception was -20.71%, smaller than the maximum VPL drawdown of -55.49%. Use the drawdown chart below to compare losses from any high point for CVRT and VPL.

Drawdown Indicators

	CVRT	VPL	Difference
Max Drawdown Largest peak-to-trough decline	-20.71%	-55.49%	+34.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-13.33%	+4.73%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.35%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.09%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.90%	—
Current Drawdown Current decline from peak	-5.00%	-2.90%	-2.10%
Average Drawdown Average peak-to-trough decline	-3.09%	-11.62%	+8.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	3.49%	-1.08%

Volatility

CVRT vs. VPL - Volatility Comparison

The current volatility for Calamos Convertible Equity Alternative ETF (CVRT) is 9.05%, while Vanguard FTSE Pacific ETF (VPL) has a volatility of 10.01%. This indicates that CVRT experiences smaller price fluctuations and is considered to be less risky than VPL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVRT	VPL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.05%	10.01%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	18.78%	18.75%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	22.44%	21.26%	+1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	17.67%	+2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.24%	17.47%	+2.77%

CVRT vs. VPL - Expense Ratio Comparison

CVRT has a 0.69% expense ratio, which is higher than VPL's 0.08% expense ratio.

Dividends

CVRT vs. VPL - Dividend Comparison

CVRT's dividend yield for the trailing twelve months is around 1.48%, less than VPL's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVRT Calamos Convertible Equity Alternative ETF	1.48%	1.68%	1.49%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VPL Vanguard FTSE Pacific ETF	2.80%	4.01%	3.15%	3.12%	2.75%	3.19%	1.81%	2.84%	3.06%	2.57%	2.65%	2.43%

Frequently Asked Questions

Can I hold both CVRT and VPL in my portfolio?

CVRT and VPL have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVRT or VPL?

VPL has higher volatility (10.01%) compared to CVRT (9.05%). In terms of maximum drawdown, CVRT dropped -20.71% vs VPL's -55.49%.

Which ETF is better, CVRT or VPL?

On 1-year performance, CVRT leads with 70.87% vs 48.70% for VPL. On fees, VPL is cheaper at 0.08% per year. On volatility, CVRT has been the lower-risk option at 9.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVRT or VPL?

Over the 1-year period, CVRT has performed better with a 70.87% return vs 48.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVRT or VPL?

VPL is cheaper with a 0.08% expense ratio, compared with 0.69% for CVRT.

Which ETF pays a higher dividend yield, CVRT or VPL?

VPL has the higher dividend yield at 2.80%, compared with 1.48% for CVRT.

What is the main difference between CVRT and VPL?

CVRT is categorized as Convertible Bonds, while VPL is Asia Pacific Equities. They also come from different issuers: Calamos and Vanguard. Their fees differ too: 0.69% for CVRT and 0.08% for VPL.

Which has better risk-adjusted returns?

CVRT currently has the higher Sharpe Ratio (3.10 vs 2.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.